Skygold Ventures Ltd.
TSX VENTURE : SKV

Skygold Ventures Ltd.
Wildrose Resources Ltd.
TSX VENTURE : WRS

Wildrose Resources Ltd.

November 09, 2006 12:27 ET

Skygold Ventures Ltd. and Wildrose Resources Ltd.: Spanish Mountain Main Zone Continues to Grow; Regional Work Defines Additional Targets

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2006) - Skygold Ventures Ltd. (Skygold) (TSX VENTURE:SKV) and Wildrose Resources Ltd. (Wildrose) (TSX VENTURE:WRS) are pleased to announce results from 10 additional holes from the on-going diamond drill program at Spanish Mountain in central British Columbia. The new results continue to expand significant gold mineralization of the 1200 metre long by up to 450 metre wide Main Zone. Of the 10 holes reported, 6 were drilled in the North Zone and 4 in the Central Zone

Highlights

- North Main Zone

- Hole 513, a 70 metre step-out west of previously reported hole 504 (news release September 28, 2006) intersected 42 metres of 1.39 g/t gold (including 22.5 metres of 1.90 g/t gold). All holes drilled in the North Zone intersected significant gold mineralization and are reported in the table below.

- Central Main Zone

- Hole 519, a 60 metre step-out west of hole 289, intersected 51.50 metres of 1.39 g/t gold including 35.0 metres of 1.80 g/t gold.

- Hole 508 intersected 45 metres of 0.93 g/t gold including 22.5 metres of 1.22 g/t gold

- Reconnaissance program

- Regional geochemical sampling and airborne geophysical surveying have outlined numerous exciting new drill targets.

Results have been received for 35 of 86 diamond holes completed to date (results for the first 25 holes were released previously).



The following table summarizes significant results from the central portion
of the Main Zone.

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Hole No. From (m) To (m) Interval (m)(i) Au g/t Zone
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06-DDH-508 40.00 85.00 45.00 0.93 Central
incl. 40.00 62.50 22.50 1.22
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06-DDH-509 104.00 131.00 27.00 1.09 North
incl. 110.00 120.50 10.50 1.95
--------------------------------------------------------------------------
06-DDH-510 100.50 109.50 9.00 1.01 North
--------------------------------------------------------------------------
06-DDH-511 48.50 61.00 12.50 1.05 Central
85.00 89.50 4.50 1.79
127.00 134.50 9.00 1.05
--------------------------------------------------------------------------
06-DDH-512 7.92 33.50 25.58 0.88 North
--------------------------------------------------------------------------
06-DDH-513 63.00 105.00 42.00 1.39 North
incl. 64.50 87.00 22.50 1.90
--------------------------------------------------------------------------
06-DDH-514 10.00 32.50 22.50 1.07 North
incl. 13.00 25.00 12.00 1.35
--------------------------------------------------------------------------
06-DDH-515 113.50 128.50 15.00 1.16 Central
--------------------------------------------------------------------------
06-DDH-516 Incomplete assays North
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06-DDH-517 45.50 65.00 19.50 1.00 North
incl. 45.50 54.50 9.00 1.66
--------------------------------------------------------------------------
06-DDH-518 hole lost in casing North
--------------------------------------------------------------------------
06-DDH-519 92.50 144.00 51.50 1.39 Central
incl. 106.00 141.00 35.00 1.80
Incomplete assays
--------------------------------------------------------------------------
(i) Represents drill hole intercept width.


Skygold's President Doug Fulcher states, "I continue to be very impressed with the results. We have an incredible success rate in the Main Zone and are pleased with the fact that westerly step-outs in the Central Zone are consistently well mineralized. For example holes 519 and 513 have similar widths and grades and are over 500 metres apart."

In addition to drilling, reconnaissance geochemical soil sampling in the area immediately north of the current drill area has outlined a significant area of anomalous gold values. The northwest - southeast trending anomaly is 1500 metres long by 300 metres wide and has peak values of up to 985 ppb gold. Within this anomaly, the Oscar showing has returned rock sample results greater than 2 g/t gold with high grade grab samples returning values of up to 41.0 g/t gold in quartz veins. The Oscar showing is 1 kilometre north of the current drill area.

Preliminary data has been received from a Dighem multicoil, multifrequency electromagnetic survey conducted over the Spanish Mountain property. Resistivity data reveals that the majority of mineralization in the South, Central and North Main Zones is situated within or on the flanks of northwest-southeast trending resistivity lows. These lows are likely outlining broad zones of argillite stratigraphy favourable for sediment hosted gold mineralization. The Spanish Mountain project is a joint venture between Skygold Ventures Ltd. and Wildrose Resources Ltd. in which Skygold has a 70% participating interest and Wildrose has a 30% participating interest.

Eco Tech Laboratory Ltd. of Kamloops B.C., an accredited laboratory, is conducting the sample preparation and analyses. Skygold/Wildrose is submitting standards, blanks and duplicates into the sample stream to maintain quality control. All gold analyses will utilize standard screen metallic assay techniques. Robert Darney, P.Geo. and J.W. (Bill) Morton, P. Geo. are the qualified persons (as defined in NI 43-101) who have reviewed this news release.

On Behalf of the Board,

SKYGOLD VENTURES LTD

Doug Fulcher, President

This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • B&D Capital Partners
    Brad Aelicks
    (604) 685-6465
    Website: www.skygold.ca